Importers of record, cargo carriers, bonded facility proprietors, and others must obtain bonds to ensure compliance with statutory and regulatory obligations relating to the entry, transportation, and storage of imported goods into and through the U.S. If a bond obligation is breached (e.g., the importer fails to file an entry summary or pay estimated duties, or a warehouse fails to account for bonded goods, or a carrier improperly unlades imported goods), U.S. Customs and Border Protection may issue a claim for liquidated damages, a monetary amount that can be up to three times the value of the imported goods.
However, CBP may mitigate liquidated damages for infractions and even cancel claims under certain conditions. In addition, bond holders can petition for relief or submit an offer in compromise to seek a lesser liquidated damages amount.
ST&R has worked closely with bond holders for decades to not only mitigate the impact of any breaches but also develop and implement plans to increase compliance and avoid problems in the first place.
Why Choose ST&R for Liquidated Damages
Expertise – Our team includes former CBP attorneys with a keen understanding of the problems companies run into most frequently and the best ways to avoid and mitigate them.
Success – We regularly help businesses secure significant reductions or cancellation of liquidated damages and take actions to minimize future problems.
Business confidence – We coordinate with sureties and other parties to preserve your bond and ensure continuity of your operations.